Fintech Talks: what are NFTs?
NFTs are part of the new digital revolution that is changing the art world. A business model based on blockchain technology that eliminates intermediaries and guarantees control of ownership by the investor. Gemma Vallet, director of 11Onze District, starred in the third Fintech Talks centered on NFTs, with the collaboration of Raul Arribas, CTO of 11Onze.
Crypto Art has the same consideration as physical art, thanks to the ability to verify the ownership of the original piece. NFTs, which stands for ‘Non-Fungible Token’, were born out of this need. They are digital certificates based on blockchain technology that have a unique, irreplaceable, non-duplicable unit of reference, which can’t be duplicated and which accredits the author and owner of the work.
“Art and NFTs are a perfect fit. An artist generates a file through the blockchain ecosystem and uploads it in a metaverse, where anyone can make a purchase of this digital file with a cryptocurrency,” explains Vallet. A digital reality, parallel to the physical world, that combines aspects of social networking, online gaming, virtual reality (VR), and cryptocurrencies to allow users to interact virtually.
The irruption of brands in the world of NFTs
NFTs open up new possibilities for brands to communicate and interact with customers, and even represent a new way to generate revenue. “Brands have found a new way to protect their copyright within NFTs and show their new collection in times like Covid, when it was not possible to enter and have the experience inside a shop,” says the director of 11Onze District.
The fashion and automotive industries have been pioneers in adapting to this new business model. NFTs revolutionise the way in which brands interact, through a virtual modality, with the new generations of digital natives who “have become accustomed to video games and, therefore, to acquiring brands for their avatars within video games”.
If you want to know more, you can watch the full Fintech Talks here.
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Gemma Vallet, director of 11Onze District -the in-House